Wednesday, November 17, 2010

Acting Surprised - Taxpayers not Getting Paid Back on Auto Bailout

From today's WSJ:

U.S. taxpayers are about $10 billion in the red on their General Motors Co. investment after Wednesday's initial public offering. Whether the Treasury can ultimately break even will depend on how GM shares perform over the next few years.

Remember this from Obama only last July?

"You now have all those U.S. auto companies showing a profit. They've rehired 55,000 workers. We are going to get all the money back that we invested in those car companies," Obama said in the interview.

Skip ahead to 4:45 to see the relevant pack of obfuscations.
By the way, there is no way of knowing how many of those workers would now be at Ford, Honda, Toyota, etc. without the bailout, in addition to the fact that the taxpayers are still losing money on the deal.

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